On December 2, Hainan Development announced that the bankruptcy liquidation of Haikong Sanxin (Bengbu) New Energy Materials Co., Ltd. (Hereinafter referred to as "Haikong Sanxin") had been filed by the court on December 1.
The announcement shows that due to the influence of the external market environment, Haikong Sanxin's operating performance has continued to lose money, and it has been insolvent and unable to pay off its debts due. Hainan Development decided to apply to the court for bankruptcy liquidation as a creditor or as a debtor in order to stop losses in time. According to the
data, Haikong Sanxin, a holding subsidiary of Hainan Development, was established in Bengbu City, Anhui Province in August 2008. Its main business covers the production and sale of ultra-white solar glass and deep-processed glass.
It is worth noting that due to the excessive competition in the market of photovoltaic glass industry, the price continues to be depressed and the downward trend intensifies. Haikong Sanxin has been losing money since 2022, and it is difficult to turn around in a short time. In order to reduce costs and stop losses, Haikong Sanxin has implemented a complete shutdown of production lines since the end of September 2025.
Financially, as of June 30, 2025, the total assets of Haikong Sanxin were 49949 million yuan, the total liabilities were 659.01 million yuan, and the net assets were -159.52 million yuan . From January to June 2025, the operating income of Haikong Sanxin was 192.36 million yuan, and the total net profit was -194.52 million yuan .
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